Hong Kong Jewelry Auction Racks Up $25M

RAPAPORT... A ruby and diamond ring by Cartier was the star of the most recent jewelry sale at Poly Auction in Hong Kong, fetching HKD 57.6 million ($7.3 million).The piece, which featured an 8.39-carat Burmese ruby surrounded by diamonds, also set a record for the highest price achieved by a ruby at auction, Poly Auction said last week. In total, the July 13 Magnificent Jewels sale garnered more than HKD 196.9 million ($25.1 million).Also notable was a necklace featuring 43 jadeite beads and a diamond clasp, which went for HKD 50.4 million ($6.4 million). The company did not disclose the presale estimate of either jewel. A necklace by Harry Winston bearing 65.75 carats of Colombian emeralds with diamonds brought in HKD 26.4 million ($3.4 million), within its presale price.Meanwhile, a pair of unmounted heart-shaped, D-color, internally flawless diamonds weighing 15.77 and 15.78 carats also sold for HKD 26.4 million, toward the upper end of its estimate. A Bulgari bracelet containing 23.58 carats of Colombian emeralds with diamonds fetched HKD 7.4 million ($947,764), within its predicted range.Image: The Cartier Burmese ruby and diamond ring. (Poly Auction)